Amid a constant barrage of bleak commercial real estate headlines, we continue to defy the narrative by positioning our communities for generational success. Read more 🔗 https://lnkd.in/gEaEUAxi #HowardHughes #CommercialRealEstate #Office #Houston #TheWoodlands #OfficeLeasing
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Realtor at Keller Williams Advisors Fremont and Paralegal specializing in Trusts, Estate Planning, Family Law, and Immigration Law at a firm in Pleasanton.
Pandemic Effects: California's Office Leases #sanfrancisco #sfrealestate #bayarearealtor #bayarea #california #bayarearealestate #sanfranciscorealestate #sfrealtor #californiarealestate #siliconvalleyrealestate
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Triumphs And Challenges: A Spotlight On Calgary Office Conversions Contact me to discuss the latest scoop in real estate! #calgaryrealtors
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The feds are sitting on a gold mine of potential housing, but they're playing it slow. 50,000 homes. That's what we could get if the government converted all its unwanted office space. It's like dropping 100 condo towers overnight. But - only 25-30% of office buildings are actually suitable for conversion. So we're looking at maybe 15,000 homes. Still not bad, but let's not get too excited. The government's throwing $1.1 billion over 10 years at this problem. Sounds like a lot, right? But when you're dealing with 64 million square feet of office space, it's a drop in the bucket. Calgary's already on this train. They've got 5 conversion projects underway and 12 more in the pipeline. That's going to boost their downtown residential units by 24% and slash carbon emissions by 76M kgCO2e. Ottawa could learn a thing or two. But what happens to Ottawa's office market when the feds bail on half their space? We're talking about a 13% vacancy rate already. This could turn the capital into the next Detroit if we're not careful. The government stands to save $3.9 billion from this move. How about reinvesting some of that into making Ottawa less of "the city that fun forgot"? Just a thought. . https://lnkd.in/gBhJYn3r
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Triumphs And Challenges: A Spotlight On Calgary Office Conversions Contact me to discuss the latest scoop in real estate! #raisedincalgary #realtorcpa #romanowrealestate #royallepagecommercial #royallepagesolutions #royallepage #calgarycommercial #calgaryrealtors
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The relative success of Calgary’s Downtown Development Incentive Program (DIP) has been recognized as a template for municipalities across North America to tackle rising office vacancy rates while addressing housing issues at the same time, says commercial real estate firm Avison Young. The effect on vacancy rates is demonstrated by comparing the current vacancy rate by office class to the what the vacancy rate would be if the 10 buildings announced under the program were reintroduced as fully vacant offices into the overall inventory. The biggest impact is in the C Class space, with a 7.6% decrease in vacancy. Class B properties experienced a 6.2% drop, says Avison Young. Here's an interesting chart showing the impact. #calgary #yycre #business #yycre #downtown #CRE #realestate Andrea Zviedris
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Join industry expert Ryan O'Shaughnessy virtually to discuss all things around office leases tomorrow, November 21. Ryan will share a snapshot of the Edmonton office market, key considerations to consider before executing or renewing your office lease and answer all your office lease-related questions over lunch. Visit https://lnkd.in/gFVADKrv. #AYQ #Leases #Legal #Office #RealEstate
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Davenport Group | Land Entitlement, Development, and Investment. Offering Land Acquisition & Use Consulting, Acquisition, Disposition. Site(s) Selection to Build Out to Asset Management.
Federal effort launched to convert office space to housing Contact me to discuss the latest scoop in real estate! #rentalproperties #investor #investmentproperties #bayarea #sanfranciscorealestate #californiarealestate #properties #realestateinvesting #housingmarket #realestate
Federal effort launched to convert office space to housing
roomvu.com
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National Construction and Real Estate Leader and Partner at Wipfli LLP | Providing Audit, Tax, Technology and Advisory Services for Construction and Real Estate Clients to Help Them Grow, Transform, and Transition
We all know Chicago’s commercial real estate market has taken a huge hit with office-vacancy rates soaring to 16.3% from 11.9% in 2020 – even the Chicago staple, Willis Tower, faces an uncertain future. Now, the city is going beyond any other in providing public subsidies to convert obsolete office space into apartments and hotels, despite enormous budgetary challenges. Though, the big question still stands: is this enough to get the city’s real estate back on its feet? https://on.wsj.com/3KmZnx8
Chicago to Offer Most Generous Subsidies in U.S. to Save Its Downtown
wsj.com
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It will be interesting to read the proposed guidelines on how they intend to transform office buildings into residential. Constructed for an entirely different classification and end user it will be challenging, not to mention the issues around location and precinct development. However, it's food for thought...
To make it easier to convert empty offices into apartments, the Biden administration has a new plan unlocking significant resources for these projects.
A New White House Plan to Create Affordable Housing: Convert Empty Office Buildings
bloomberg.com
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Akerman Real Estate Partner William J. Bernfeld provides an overview of considerations for office landlords and tenants in a post-pandemic climate in this recent article. Bernfeld notes that due to increases in remote work, when leases roll, many tenants are either not renewing or they are taking less space. Many landlords are offering higher broker commissions to attract tenants, as well as more free rent (in addition to lower rent), significant amenities, and termination rights. https://lnkd.in/gFgRc5ns
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